Innovative Reward Systems For Changing Workplace

thomas Wilson




“Content rich and yet very easy to read.”

---Lou Richman, Fortune Magazine

“Timely, Insightful, comprehensive, informed by firsthand experience, and above all, useful.”

---Rosabeth Moss Kanter, Harvard Business School

Take your workplace to the next level! In this timely update of his breakthrough book, rewards systems authority Tom Wilson explains the strategies today’s successful companies use to focus, encourage, and reward employees and managers—from spot bonuses to team celebrations, from base pay to stock options, from forced ranking to innovative employee benefits. He guides you through the maze of compensation decisions and shows you how to use traditional approaches in new ways for spectacular outcomes in any organization. You’ll discover how rewards work and why they sometimes fail; how to make recognition strategic and special in your company; and how to develop a long-term reward strategy that will make your organization more effective, more productive, and more competitive.

What will you learn from this book

  1. Customization: Tailor rewards to individual preferences and motivations. What motivates one employee may not necessarily motivate another.

  2. Non-Monetary Rewards: Consider non-monetary incentives such as flexible work hours, extra vacation days, recognition, or professional development opportunities. These can be as impactful as monetary rewards.

  3. Recognition and Appreciation: Publicly acknowledge and appreciate employees' efforts and achievements. A simple 'thank you' or 'employee of the month' recognition can go a long way.

  4. Career Development Opportunities: Offer opportunities for growth and career advancement. Investing in employees' skill development and providing a clear career path can be a powerful motivator.

  5. Peer-to-Peer Recognition: Implement systems where employees can recognize and reward their peers. This fosters a positive and collaborative work culture.

  6. Wellness Initiatives: Consider wellness programs or initiatives that promote a healthy work-life balance. This can include gym memberships, wellness workshops, or mental health support.

  7. Goal-Based Rewards: Tie rewards to achieving specific goals or milestones. This aligns employee efforts with organizational objectives.

  8. Inclusivity: Ensure that the reward system is inclusive and fair. Avoid biases and ensure equal opportunities for all employees to earn rewards based on their contributions.

  9. Feedback and Iteration: Regularly gather feedback on the reward system and be open to making improvements. A system that evolves based on employee input tends to be more effective.

  10. Transparency: Communicate the reward system clearly to all employees. Transparency builds trust and ensures everyone understands how rewards are earned.

Language English
ISBN-13 13 9780071402941
No of pages 379
Font Size Medium
Book Publisher Tata Mcgraw-Hill
Published Date 26 Oct 2004

About Author

Author : thomas Wilson

1 Books

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